Skip to main content

Wells Fargo cuts 161 Minnesota jobs, blames re-fi downturn


Wells Fargo is laying off 161 mortgage employees in the Twin Cities, part of a national job slashing effort that was announced on Wednesday.

The Business Journal reports that the San Francisco-based bank notified 2,323 employees of the decision. The laid off workers got a 60-day notice and will be eligible for tenure-based severance if the bank can not find them work in other areas of the company.

Wells Fargo laid off 700 mortgage workers earlier this month, but the metro area was spared in that round of cuts.

In DesMoines, 87 were laid off, according to the DesMoines Register. Wells Fargo employs about 13,500 in the Des Moines region, where its home mortgage unit is based. It is the area's largest private employer.

A spokeswoman for the bank said that the slowing consumer demand for mortgage refinancing led to the staff trimming. Higher interest rates have made refinancing less appealing to homeowners. Interest rates on 30-year fixed mortgages have inceased from below 3.5% last spring to about 4.5% today, according to

"After evaluating the current market and our business needs, we are reducing staff to better align and increase the efficiency of our organization." Wells Fargo spokeswoman Peggy Gunn said in a statement to the Business Journal.

Wells Fargo's share of the mortgage market has grown dramatically in recent years and the bank now funds about a quarter of all the home loans in the U.S.

Next Up

P.J. Fleck, Gophers football

Kirk Ciarocca returning to Gophers as offensive coordinator

The architect of the 2019 offense will look to revive the Gophers.

Klobuchar - MTP - NBC screengrab

Klobuchar says Congress should pass law to protect abortion rights

Her comments came as the Supreme Court appears poised to weaken — or gut — Roe v. Wade

MPD missing Heard - crop 1_

Police ask for public's help finding Mpls. woman missing a week

The 36-year-old hasn't been seen or heard from recently.

unsplash cold winter breath dark

Hello, winter: List of the coldest wind chills in MN Monday morning

The state went from a relatively mild start of the season, to downright frigid wind chills.


1 CWD-positive deer in Brainerd Lakes area, so surveillance will continue

The CWD monitoring measures were supposed to end after this year.

unsplash - visitor patient doctor hospital emergency - crop

MN program will train, hire 1,000 nursing assistants for long-term care

The facilities are facing a severe staffing shortage.

Minnesota State Fair - main gate day 2021

Minnesota State Fair reestablishes a police department

The fair had been contracting with the Ramsey County Sheriff's Office.

teacher, covid, masks, school

Minnetonka to consider removing middle school mask requirement

The school board has been impressed by vaccination rates among middle school students.

snow, plow

Friday winter storm could hit Twin Cities, southern Minnesota

Meteorologist Sven Sundgaard is already monitoring the forecast.

Sauk Rapids Middle School street view, Minnesota - November 2018_

Teen student arrested for threats toward MN middle school

The Sauk Rapids middle school and high school were closed Monday.


Rally for trans child outed during Hastings school board race draws big crowd

Hastings has been in the spotlight since the child's family was featured in a CNN story.

chad davis arradondo flickr

Minneapolis police chief Medaria Arradondo to retire next month

He's overseen the MPD since mid-2017, following the killing of Justine Ruszczyk Damond